Read small text in ETF description. Chinese Yuan, Indian Rupee... These a currencies are subject to strict government control and a foreign speculator, such as a fund, can't trade these currencies outright.

Most likely ETFs gain exposure to these currencies via non-deliverable forwards (or NDF). If it is the case, the ETF performance may be significantly different from the underlying currency.

Because NDFs based on non-deliverable currencies cannot be hedged with the underlying currency, the market is more like betting on sports events where the price of a NDF already factors in any currency appreciation expected by the market.

definitely india. great annum interest rate and you can be sure that it will stay so for the next 10-20 years. Looking at the demographics of the place, young people, it will grow even further. There are many other reasons too, but all this in short.